exam corrections - Intro to Macro Econ 104C Examination 1...

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Unformatted text preview: Intro to Macro Econ 104C Examination 1 Vocabulary 1. J. Opportunity Costs 2. U. Net Exports 3. S. Equilibrium Price 4. V. Value Added 5. D. Outsourcing 6. K. Full Employment 7. O. Law of Demand 8. B. Nominal GDP 9. M. Scarcity 10.A. Base Period Question 1: Production Possibilities It normally would not be possible for the economy to consume outside of the production possibility frontier. This is because we cannot produce outside the frontier, so if we cant produce it then the economy certainly cannot consume it. We wouldnt be able to consume it because it wouldnt exist, however it is possible because trade allows us to consume outside of the frontier. Question 2: Supply and Demand The determinants of demand are price, income, tastes, other goods, and expectations. Question 3: Government Intervention in Markets The impact that rent control would have on the market for apartments...
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exam corrections - Intro to Macro Econ 104C Examination 1...

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